Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: “2018 was a solid year for Allergy Therapeutics as we made important progress in key areas across the Company. We generated continued growth despite a low pollen season in our core business, with constant currency revenue growth of 3.5%1, driving additional gains in market share and a 26% increase in pre-R&D operating profit4. We also achieved significant clinical success in the year, with the positive Phase II PQ Grass in May and we now expect headline data from the Phase III PQ Birch study by the end of the year. With progress towards the US market, a pipeline of exciting clinical and pre-clinical assets, and a robust balance sheet, we look to the future with confidence in our growth prospects.”
Allergy Therapeutics plc (LON:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today announces preliminary results for the year ended 30 June 2018.
Financial highlights
· 6.6% revenue growth increase in actual terms to £68.3m (2017: £64.1m)
· 3.5%1 revenue growth at constant currency2 to £66.4m (2017: £64.1m)
· One point increase to 14%3 in market share in European business (2017: 13%)
· 10% compound annual growth in net sales over 19 years since the company formed
· 26% increase in operating profit4 (pre-R&D) to £9.3m (2017: £7.4m)
· Cash at 30 June £15.5m (2017: £22.1m) prior to the July 2018 fundraising of £10.2m net of expenses
Operational highlights
· Successful completion of the Phase II PQ Grass (G205) in May, allowing progression to a pivotal trial for US registration. The Phase III PQ Birch (B301) study has completed and top line data are now expected by the end of the year
· Good pipeline progress, including initiation of Acarovac Phase I trial (data readout expected H1 2019) and positive pre-clinical Polyvac peanut work, with first in-human trials expected in 2019
· Completion of £10.6m (gross) oversubscribed placing in July 2018
1Percentage based on figures in thousands (2018: £66.369m, 2017:£ 64.139m)
2Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year on year comparison excluding the effects of foreign exchange movements.
3Market data and internal estimates for 12 months to 30 June 2018 for Allergy Therapeutics’ direct sales competitive markets excluding UK and Switzerland due to lack of competitor information.
4Operating profit (pre R&D) is calculated by adding back R&D expenditure for the year to the operating loss of the year to arrive at an operating profit (pre R&D) of £9.3m (2017: £7.4m)
Analyst briefing today
Manuel Llobet, Chief Executive Officer, and Nick Wykeman, Chief Financial Officer, will host a meeting and call for analysts to provide an update on the Group, followed by a Q&A session, at 10.30 BST today at the offices of Panmure Gordon & Co, One New Change, London, EC4M 9AF. Dial-in details are: +44 (0) 207 192 8000. Conference ID: 9583215.
